Baker Hughes beats first-quarter profit boosted by industrial, energy tech demand

Published: 2026-04-23 17:08:23 ET BKR

Published on 04/23/2026 at 05:08 pm EDT

April 23 (Reuters) - Oilfield services provider Baker Hughes surpassed Wall Street expectations for first-quarter profit on Thursday, helped by strength in its industrial and energy technology unit.

Growing electricity demand from data centers, long-cycle gas projects and spending on gas turbines, compressors and grid-related equipment are lending support to energy equipment providers like Baker Hughes.

First-quarter IET orders rose to $4.89 billion from last year's $3.18 billion.

However, Baker Hughes and peers are yet to benefit meaningfully from a surge in oil prices due to the disruptions caused by attacks on infrastructure in the Middle East and Iran's effective closure of the Strait of Hormuz, as producers have taken a more cautious stance on boosting drilling.

The Houston-based company posted an adjusted profit of 58 cents per share for the three months ended March 31, compared with analysts' estimates of 49 cents per share, according to data compiled by LSEG.

(Reporting by Varun Sahay and Arunima Kumar in Bengaluru; Editing by Maju Samuel)